Steve's Senior Care Blog

EXERT OPINION with Larry Cohen

Larry CohenLarry Cohen,
Vice Chairman of the Board and CEO,
Capital Senior Living
In this “Expert Opinion” interview, Larry Cohen discusses some of the current trends in the seniors housing industry and how Capital Senior Living has adjusted its model and expanded its operations to deal with changes in the marketplace.

Erickson Retirement Agrees To A Sale

In a move that is not too surprising, Erickson Retirement Communities agreed to be sold to Redwood Capital Investments LLC for an undisclosed price, and simultaneously the company filed for Chapter 11 bankruptcy protection, listing more than $1.0 billion in liabilities and more than $1.0 billion in assets.  Redwood is controlled by Jim Davis, who also owns Allegis Group, a private staffing company with more than $4.0 billion in revenues.  Mr. Davis is also a friend of John Erickson, the company’s founder. 

Unusual Buying at Advocat

 Tuesday, September 29, 2009
Is something stirring at Advocat, a small skilled nursing operator with a current market cap of about $39 million (it was half that two months ago)?  The daily trading volume of Advocat averages about 20,000 shares, and until recently, the norm was less than 10,000 shares, with some days having little or no trading activity.  Until last week, that is. 

Sunwest Management Receives Offer

Wednesday, September 10, 2009
Just when you thought the reorganization plan for Sunwest Management was getting close to the finish line, the bankruptcy court receives an offer to buy what was going to be the smaller, reorganized company with about 150 properties.  The buying group is apparently composed of Dan Baty (of Emeritus Corporation) and The Blackstone Group. 

Ventas Wins Lawsuit

Friday, September 4, 2009
In the lawsuit filed by Ventas against HCP, Inc. for “tortious interference” arising out of Ventas’ acquisition of the former Sunrise Senior Living REIT assets, the jury returned a verdict in Ventas’ favor today, awarding Ventas over $101 million in damages. 

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